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Oil & Gas Securities Exchange Act

Troutman Pepper

Upcoming Deadline for Resource Extraction Issuers to File First Form SD Disclosures

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On March 16, 2021, Rule 13q-1 under the Securities Exchange Act of 1934, as amended (Exchange Act), took effect. This rule requires resource extraction issuers to disclose on Form SD information relating to payments made to a...more

A&O Shearman

Fifth Circuit Securities Litigation Quarterly - Q1 2024

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Welcome to the first 2024 edition of Shearman & Sterling’s Fifth Circuit Securities Litigation Quarterly. As public companies and financial institutions continue to migrate to Texas, our Texas-based securities litigation...more

A&O Shearman

Fifth Circuit Securities Litigation Quarterly Q3 2023

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Welcome to the third edition of Shearman & Sterling’s Fifth Circuit Securities Litigation Quarterly. As public companies and financial institutions continue to migrate to Texas, our Texas-based securities litigation team...more

Vinson & Elkins LLP

Credit Risk Retention in Oil & Gas ‘Securitizations’ of Proven, Developed and Producing (PDP) Wells

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The purpose of this White Paper is to provide general guidance to transaction participants and practitioners in their consideration of the application of 17 C.F.R. Part 246, adopted jointly by the Securities and Exchange...more

A&O Shearman

Northern District Of Texas Dismisses Putative Class Action Against Oil And Gas Company For Failure To Allege Scienter

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On September 29, 2022, Chief Judge David C. Godbey of the United States District Court for the Northern District of Texas dismissed a putative class action asserting claims under the Securities Exchange Act of 1934 against an...more

Jones Day

SEC Adopts Final Rules Governing Payment Disclosure by Resource Extraction Issuers

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The rules will require resource extraction issuers to file a Form SD on an annual basis that includes information about payments related to the commercial development of oil, natural gas, or minerals that are made to the U.S....more

Gray Reed

2019 Bad Guys in Energy

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To our bad guys, 2019 was a year flush with hope and opportunity; it ended with recidivism, more misery from Venezuela, a charlatan, an Okie who pulled a multi-million dollar fast-one on Chesapeake and, as in years past, a...more

Allen Matkins

The SEC Insists On "Terminological Inexactitude" For Resource Extraction Issuer Rule

Allen Matkins on

As previously mentioned in this blog, the Securities and Exchange Commission is trying for the third time to implement Congress' directive to adopt rules requiring disclosure by "resource extraction issuers". See The SEC's...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Re-Proposes Rules To Implement Resource Extraction Payment Disclosure Requirements

On December 18, 2019, the U.S. Securities and Exchange Commission (SEC) voted in favor of proposing rules to implement the resource extraction issuer disclosure provisions in Section 1504 of the Dodd-Frank Act, which added...more

A&O Shearman

Fifth Circuit Affirms Dismissal Of Class Action Against Pipeline Operator For Failure To Adequately Allege Misstatements Or...

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On July 16, 2019, the United States Court of Appeals for the Fifth Circuit affirmed a decision by the United States District Court for the Northern District of Texas that dismissed a putative class action against the oil and...more

A&O Shearman

Southern District Of Texas Dismisses Putative Class Action Against Oil And Gas Exploration Company For Failure To Adequately...

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On March 13, 2019, Judge Lee H. Rosenthal of the United States District Court for the Southern District of Texas granted a motion to dismiss claims under Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5...more

Burr & Forman

2nd Circuit Weighs in on Certifying Classes Involving Foreign Securities

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In In re Petrobras Securities Litigation, the Second Circuit Court of Appeals recently issued an opinion regarding the standards for certifying a class involving foreign securities. Petrobras is a multinational Brazilian gas...more

A&O Shearman

Southern District Of Texas Dismisses Class Action Against Plains All American Pipeline, Dismissing Exchange And Securities Act...

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On March 29, 2017, Chief District Judge Lee Rosenthal of the United States District Court for the Southern District of Texas, Houston Division dismissed a putative class action against Plains All American Pipeline, a major...more

Locke Lord LLP

Blurry Boundaries of Oil & Gas Joint Ventures Under the Securities Act and the Exchange Act

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In Sec. & Exch. Comm’n v. Sethi Petroleum, LLC, 4:15-CV-00338, 2017 WL 192666, at *1 (E.D. Tex. Jan. 17, 2017), the Eastern District of Texas, Sherman Division, issued an opinion that clarifies the often-blurry boundaries...more

Bracewell LLP

House Votes to Invalidate Extraction Payment Disclosure Rule

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On February 1, 2017, the U.S. House of Representatives passed House Joint Resolution 41 to annul the Extraction Payment Disclosure Rule. The rule would require oil and gas companies to disclose in annual reports for fiscal...more

Gray Reed

2016 – A Bad Year For Bad Guys in Energy

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Let’s look back at a cavalcade of crooks, criminals and miscreants who met up with justice in 2016. We do it to be reminded of the others who will be lurking in the 2017 shadows....more

Holland & Knight LLP

SEC Rules for Resource Extraction Issuers Could Lead to Increased FCPA Scrutiny, Disclosures

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New rules issued by the U.S. Securities and Exchange Commission (SEC) that require resource extraction issuers to disclose payments made to U.S. and foreign governments for the commercial development of oil, natural gas or...more

BakerHostetler

SEC Adopts Payment Disclosure Rules for Companies Engaged in Resource Extraction

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The U.S. Securities and Exchange Commission (the “SEC”) has adopted new rules which require “resource extraction issuers” to disclose annually the type and amount of payments that they (or their subsidiaries or entities under...more

K&L Gates LLP

SEC Adopts Payment Disclosure Rules for Resource Extraction Issuers

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On June 27, 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted Rule 13q-1 under the Securities Exchange Act of 1934 (the “Exchange Act”) and amendments to Form SD (Specialized Disclosure Report) (See SEC...more

Gray Reed

Securities Fraud – a Lesson for Promoters

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We discussed SEC v. Arcturus et al last week and promised more. Here it is. Did defendants commit securities fraud? It doesn’t matter. Violations of Sections 5 of the Securities Act and 15.A of the Exchange Act are...more

Gray Reed

When is a Joint Venture a Security?

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Parvizian controlled Arcturus and Aschere, buying and selling interests in drilling projects. Each project had a managing venturor which supervised the project. Each venture included a confidential information memorandum,...more

A&O Shearman

Second Circuit Holds Sarbanes-Oxley’s Five-Year Statute of Repose Applies to Claims Under Sections 9(f) and 18(a), but Re-Affirms...

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Twenty-five years ago, in Ceres Partners, the Second Circuit held that the implied private right of action under Section 14 of the Securities and Exchange Act of 1934 (“Exchange Act”) was subject to a three-year repose...more

Dorsey & Whitney LLP

SEC Charges Texas Promoter With Defrauding Chinese Investors

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The Commission has brought a series of cases where investors lost substantial sums purchasing shares of firms whose operations and or assets were supposedly largely in China. In some instances the firms turned out not to have...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

SEC Reopens Comment Period for Proposed Amendments to Rule 13n-4 under the Securities Exchange Act of 1934 - On January 15, the Securities and Exchange Commission reopened the comment period for proposed amendments to...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts: An Update From Skadden Securities Litigators - September 2015 / Volume 7 / Issue 3

This issue of Inside the Courts, Skadden’s securities litigation newsletter, includes summaries and associated court opinions of selected cases principally decided between May 2015 and August 2015. The cases address...more

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